India NEWS

Vedanta, India’s metals and mining company, has planned to triple the female percentage in its workforce in two years’ time. The company will strategize its hiring process accordingly by employing 50% women talent for various posts of its company. Several facilities will be provided to the female staff including flexible working hours. Currently, out of 25,000 employees of Vedanta, only 11% of them are women.

The Indian tax department struck ONGCs international arm, ONGC Videsh Ltd (OVL) with a ₹7666.10 crore (approximately USD 1.05 billion) service tax demand. The tax demand was slapped over the payment the firm made to its overseas subsidiaries for the duration of 2006 to 2017. The tax department issued many demand-cum-show cause notices to OVL on the matter. Sources reported that OVL is challenging the demand.

E&P major, ONGC received approval from the Government of India to proceed with Additional Development Drilling of 72 wells in the Krishna-Godavari basin. The Expert Appraisal Committee (EAC) under the Ministry of Environment, Forest and Climate Change, gave a nod to ONGCs proposal for the project. An investment of ₹792 crore has been outlaid by the PSU for the project. EAC has laid down several conditions for granting the clearance.

IOCL’s group company, Chennai Petroleum Corporation Limited has released a notification regarding apprenticeship opportunity at its refineries. CPCL, which has its refineries in Chennai, is inviting applications for eight job roles available in the firm. Candidates who fulfil the eligibility can apply for the job positions before October 8th, 2018. The mode of application is online.

India is looking forward to close an oilfield deal with Russia during October 5 annual submit, to be held between President Vladimir Putin and Prime Minister Narendra Modi. This would be India’s chance to form a strategic partnership with Russia through energy ties. If sources were to be believed, Indian hydrocarbon firms already have their investments in Vankorneft oil field of Russia and can further invest in Vankor cluster.

India’s biggest city gas retailer, Indraprastha gas Limited (IGL) is planning to set-up over 60 CNG stations across the country. IGL MD said that the firm has adopted a dealer-franchise model to rapidly expand the network. IGL currently runs 452 CNG stations in different cities of India. The government is insistent on increasing the stakes of natural gas in the country's energy basket to 15%.

The US sanctions on Iran will be effective from November 4 which has blurred the trade picture for India. According to the sources, from 4th November, all the money transactions by India to Iran will be in rupee using UCO and IDBI banks. Also, India is planning on cutting its oil purchase from Iran, otherwise, without the sanction waiver India will be cut off the US financial system.

A senior official of ONGC Videsh Ltd has said that the firm is planning to withdraw from the Satpayev block in Kazakhstan. OVL acquired 25% stakes in the block in 2011, marking its entry in Kazakhstan’s oil and gas industry. Satpayev’s proximity to major discoveries in the North Caspian Sea tempted OVL to buy shares in the block. The firm’s $300 million exploration campaign, however, didn’t meet with much success.

India and Bangladesh yesterday jointly unveiled a pipeline project for widening the connectivity network in the region. The projects include the India-Bangladesh Friendship Pipeline and the Dhaka-Tongi-Joydebpur railway project. The unveiling came after the Bangladesh cabinet approved access of Chittagong port by NE states of India. The pipeline will transport high speed diesel to Bangladesh, currently being supplied through cross-border train from Numaligarh refinery.

British satellite, the NovaSar satellite, programmed for monitoring the oceans, was launched from the Satish Dhawan Space Centre in India on Sunday. Supported through a £21 million Government investment, the satellite’s functions will also include monitoring for oil spills and floods, apart from tracking doubtful shipping activities. The NovaSar satellite can capture images night or day, through the cover of heavy clouds.

Bina Refinery is a joint venture (JV) of India’s BPCL and Oman Oil Company. Strategizing its expansion plans, BPCL has decided to abandon its IPO plans for the JV. The reason behind this decision is that Bina is generating enough liquidity to finish the ongoing expansion and also “because Kuwaiti Petroleum is keen to pick up a stake”. IPO would have offered an exit option to Oman Oil.

At an enterprise valuation of $2 billion, investment firm Brookfield is all set to acquire the East West Pipeline Ltd (EWPL), currently running at a loss. Post-acquisition, Brookfield will own the 1,400 km common carrier pipeline from Kakinada in Andhra Pradesh to Bharuch in Gujarat. Brookfield is supporting India Infrastructure Trust, an infrastructure investment trust (InvIT) as the acquisition vehicle.

After Vedanta announced its discovery of natural gas block in Krishna Godavari basin, the shares of the natural resource giant of the nation increased by 4% on Friday. There was a 4.3% hike in stock which went on to hit a high of Rs 233.40 on the BSE. Vedanta informed about the discovery of gas in its KG-OSN-2009-3 block in which it has 100% participatory interest.

India's natural resources giant, Vedanta Ltd., announced a gas discovery in its block KG-OSN-2009-3, in the Krishna Godavari basin. Vedanta said that the authorities, oil ministry and Directorate General of Hydrocarbons, have been provided all the information regarding this discovery. The company has 100% participatory interest on the block. Earlier this month, ONGC also informed about its discoveries in MP and West Bengal.

Post the Annual General Meeting of BPCL, India, the Chief MD of the company cleared the air on rising fuel prices. The government has not communicated anything regarding pulling down the oil prices and thus, the company seeks no future plans on absorbing the same. The ongoing turmoil in the country w.r.t the upsurge in fuel prices had no effect on the prices, it climbed up on Tuesday.

India’s 8.2% economic growth rate in 1Q2018 is expected to draw huge investment from the GCC. Speaking at the India-UAE Partnership Summit (IUPS), Assistant Under-secretary of the UAE Ministry of Economy pointed out how India and the UAE have fostered strong bilateral ties over the years. Reports indicate that the two-way trade between India and UAE might cross $100 billion/year by 2020.

In order to increase the capacity at its Siliguri storage terminal, Indian Oil Corporation will invest Rs 170 crore on the same. The terminal serves fuel to 33 corps of the Indian Army and also to the Indian Airforce bases at Bagdogra. Executive Director of IOC has said that “It is more of an operational, strategic step that we are taking to augment the capacity of this terminal,”

Indian oil major, ONGC made new oil discoveries in the states of West Bengal and Madhya Pradesh, which might pave path to two new sedimentary basins in India. The E&P giant discovered gas deposits in a block in Vindhyan basin in Madhya Pradesh. The second discovery has been made in Ashok Nagar of 24 Parganas district in West Bengal. The deposits are currently being tested.